Companies are rethinking how they utilize talent to achieve their business objectives. Following the COVID-19 pandemic, and amid global economic uncertainty regarding the realities of inflation, job cuts, hiring freezes, and even rescinded job offers have become the talk of the digital town, so to speak.
Despite talk of a pending global recession, businesses must still strive to achieve the growth targets forecast at the beginning of the year. After all, investors want to see results and a return on their financing of the business. This is one of many reasons why on demand talent management is becoming the strategic talent acquisition approach taken by businesses all over the globe.
On demand talent management describes how companies leverage the gig economy to scale up or roll back direct sourcing of candidates on an as needed basis.
One of the new realities of the world is that the old 9-5 working mantra is a thing of the past. More companies are waking up to this reality, which is reflected in the embrace of on demand talent management strategies to hire and oversee talented professionals.
On demand talent management offers a greater amount of flexibility for both businesses and independent talent. Flexibility enables companies to expand their use of talent when needed, and it also allows workers to have greater freedom and autonomy to manage their own schedules as they see fit.
Suppose your company is improving and iterating upon a product roadmap. The plan is to add new features and capabilities to the existing product that will enable your marketing team to position it as an all-in-one solution. The goal is to create a product that stands head and shoulders above anything else in the market.
In order to make the product as robust as possible, you’ll need to add a number of interesting bells and whistles to the core product features. However, your existing in-house team may not have all of the necessary skills to achieve this objective.
This is a perfect example of how on demand talent management can help a company. Hire talented professionals with very specific skill sets to empower your existing team with the right resources to achieve their development goals. Once the job is complete, you can choose to retain that talent for future projects, or you can end the working relationship with the option to rehire on an as needed basis down the road.
So how do you develop your on demand talent management strategy? What are some tips and tricks you can use to build up your talent pipeline and implement temporary or permanent hires as needed? Here are a few things to consider when building your own talent management plan.
At the heart of any good on demand talent management strategy is a talent pool. These talent pools are global networks of exceptionally talented individuals who offer their skills and experience to companies in need of on demand professionals.
Think of talent pools like a pipeline for business growth. In sales and marketing, there’s always talk of building the pipeline with qualified leads who have the potential to convert into paying customers. Talent pools use that same approach but shifted towards hiring needs. Use your talent pools to always keep a network of professionals in the orbit of your company that you can pick and choose from when the need arises.
You can also create internal talent pools using your existing roster of employees. Using a platform like High5, you can include some of your top performing employees in the talent pools to complete specific tasks and even provide coaching or leadership to other members of the talent community.
One thing to keep in mind when developing an on demand talent management strategy is the nature of the talented individuals themselves. Most talented professionals have years of experience under their belts with specialized skills that make them a very hot commodity in the marketplace. Typically, these professionals have the option to pick and choose which businesses they wish to do their work.
Therefore, it benefits your company to approach the relationship with these professionals as one built around a partnership. Rather than consider these talented individuals as your typical in-house hire, treat them with the respect their reputations warrant. They’ve likely been in the game long enough that they can even look at the big picture and offer strategic suggestions on how best to complete tasks in service of the overarching goal.
These professional relationships can go a long way towards fulfilling your short term needs, but they can prove just as lucrative for your long term growth prospects. Happy and satisfied talent that feels respected is far more likely to continue the relationship with your company, which means you can leverage their skills and experience for future needs as well.
Finally, like any good employee, every on demand talented professional needs to understand the pillars and framework of the company. If there are important business goals that need to be met, explain those expectations to your new on demand talent so they fully understand how the value of the work will be measured.
They need to understand the vision, mission, values, and processes of the company to achieve those goals. Like with any new hire, make sure you have a proper onboarding process so that the work can be completed without questions or confusion.
Ensure you lay out things like the goals of the business, how schedules and deadlines are calculated, performance metrics, and which team members are best to consult with to get brought up to speed on the current needs of the business. Provide all of this information in a helpful onboarding package so your new on demand talent can hit the ground running and prove that your on demand talent management strategy will be a success!
Our team of industry leaders are ready to help your talent management program become the best it can be. Register with High5, your transformative talent management tool and make your next new hire the best decision you ever made.
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